Blackstone and Hilton Worldwide have celebrated the groundbreaking of a new 418-unit vacation ownership tower at Hilton Hawaiian Village Waikiki Beach Resort in Honolulu. According to Hawaii News Now, the 37-floor project entails an investment of $415 million.

Upon completion in early 2017, The Grand Islander by Hilton Grand Vacations Club® will feature one-, two- and three-bedroom suites and penthouses, with views of the Pacific Ocean and extensive amenities including full kitchens, spacious living and dining areas, and private bedrooms.

The Grand Islander tower rising next to the Tapa Tower along Kalia Road will also create hundreds of jobs in the construction sector and related industries, and more than 900 additional jobs in operations, sales and marketing.

“We are thrilled to partner with Hilton Worldwide to bring a new timeshare offering to the Hilton Hawaiian Village Beach Resort,” Tyler Henritze, senior managing director at Blackstone, said in a prepared statement. “Combined with the quality of the Hilton Grand Vacations Club product and the Hilton brand, this destination will provide a fantastic vacation experience. We’re pleased that Blackstone’s investment will help create hundreds of jobs for the community, in line with our continuing commitment to Hawaii’s tourism economy.”

Hensel Phelps Construction Co. is the general contractor for the new development; Group 70 International Inc. is the architect, while Indidesign has been selected as interior designer. Project management services will be provided by Rider Levett Bucknall, while Hilton Worldwide will act as the development manager.

Once fully operational, the resort will be the fifth Hilton Grand Vacations Club on the Island of Oahu, bringing the brand’s total number of Hawaii properties to eight.

In another recent announcement, Hilton Worldwide has also launched a boutique hotel brand named Curio, which focuses on distinctive, independent four- to five-star lodging facilities.

The first five properties included in the Curio collection are SLS Las Vegas Hotel & Casino; The Sam Houston Hotel in Houston; Hotel Alex Johnson in Rapid City, S.D.; The Franklin Hotel, Chapel Hill, N.C.; and a newly built project set for completion in late 2016 in Portland, Ore.